AI Questions and Answers
Jargon that gets in the way
We recently attended a talk on some of the challenges of Blockchain. After the talk we spoke to some of the people in the audience with us. We noticed that there were at least 20 incorrect definitions in conversations. We have shared them below. Have a look and see if you agree. For further interest, check out of glossary in the knowledge hub.
Accelerants: Factors or conditions that can speed up or facilitate the adoption or implementation of a particular technology or change in a business process.
Business cases: A justification or rationale for investing resources (time, money, effort, etc.) into a particular project, initiative, or technology. It outlines the expected costs, benefits, risks, and potential return on investment
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Choice of technology: Refers to the selection and use of specific tools, platforms, and systems to achieve a particular goal or objective.
Consensus mechanism: A method or algorithm used by a distributed network or blockchain to validate transactions and maintain the integrity and security of the network. It ensures that all nodes in the network agree on the state of the network.
Cost: The monetary, resource, or time-related expenses incurred in the development, implementation, and maintenance of a particular technology or business process.
Industry standard: A set of guidelines, best practices, or technical specifications that have been established and accepted by industry stakeholders to ensure consistency, compatibility, and interoperability across different systems or organisation's.
Interoperability: The ability of different systems, tools, or technologies to work together seamlessly and exchange data or information without compatibility issues or errors.
IT infrastructure: The hardware, software, networks, and other components that support the operations and functionality of an organisations information technology systems.
Legacy IT system: Refers to outdated or obsolete technology systems, hardware, or software that may be difficult or expensive to maintain, update, or integrate with newer technologies.
Operational risk: The risk of loss resulting from inadequate or failed internal processes, systems, or human errors. It can lead to financial, reputational, or legal consequences for an organization.
Performance: The ability of a system, tool, or technology to deliver results or outcomes according to established standards or expectations. It includes factors such as speed, accuracy, efficiency, and reliability.
Private blockchain environment: A blockchain network that is restricted to a specific group of participants or organisations. Access is limited to authorised members only.
Public blockchain environment: A blockchain network that is open and accessible to anyone who wants to participate. Anyone can view, verify, and add transactions to the blockchain.
Scalability: The ability of a system, tool, or technology to accommodate growth or increased demand without compromising performance or functionality.
Stranded costs: The costs associated with outdated or obsolete technology, systems, or infrastructure that cannot be recouped or recovered due to their lack of value or usefulness.
System performance: Refers to the ability of a system, tool, or technology to perform its intended functions effectively and efficiently. It includes factors such as speed, reliability, and accuracy.
